UPDATE: Jon Heyman of CBSSports.com was told by sources that the Giants and Affeldt have reached agreement on a new contract. As mentioned earlier, it’s expected to be about $18 million over three years.

3:45 PM: Last week Jeremy Affeldt and the Giants were said to be close to a three-year contract and now both Buster Olney of ESPN.com and Bob Nightengale of USA Today report that the reliever’s deal is expected to be worth $18 million.

Affeldt just finished a three-year, $14 million deal, so he gets a nice 29 percent raise after throwing 175 innings with a 3.09 ERA during the previous contract.

Signing a setup man for three years and $6 million per season through age 36 is a pretty steep price to pay, but obviously the Giants love Affeldt and he’s consistently been one of the best left-handed relievers in baseball since 2007.